(June 2) – After years of lobbying to get into the auto leasing business the banks are looking to the Web to boost their car financing business. Royal Bank and Chariots.com today are announcing a strategic alliance to provide online vehicle financing through Chariots’ national dealer network.
Chariots.com will Web-enable and integrate Royal Bank’s existing consumer financing program. Car buyers will be able to review loan payments based on the Chariots’ dealer-quoted price, fill out a secure credit application and submit the information online. Applicants will receive an e-mail or fax response to the loan application on average within two hours or less. The Web interface should be completed in the fall of this year.
“Online financing solutions makes the car buying experience easier and less stressful for both consumers and dealers,” said Richard Smart, vice president, specialized financing services of Royal Bank. “This strategic alliance with a leading Internet-based automotive service provides consumers with easy access to automotive information and the convenience of online financing.”
-IE Staff